By : The Dow Jones Industrial Average scrambled to avoid a third consecutive loss on Wednesday as a beleaguered US stock market wrestled with more alarming on the US- trade front.
Meanwhile, the New York Times knocked Donald back on his heels after the publication exposed the so-called business titan for what he really is: a #BillionDollarLoser.
Dow Struggles Following 473 Point Bloodbath
The slipped at the opening bell following a dismal pre-market session, but the index recovered in the minutes that followed. By 9:50 am ET, the Dow had gained 7.82 points or 0.03%; the DJIA last traded at 25,972.91. The S&P 500 lost 0.08% to slide to 2,881.74, while the Nasdaq declined 0.02% to 7,962.15.
The Dow struggled on Wednesday as the US stock market sought to avoid a third straight loss. | Source: Yahoo Finance
On Tuesday, the Dow suffered a , reducing the battered index 1.79% to 25,965.09. The S&P 500 fell 1.65% to 2,884.04, and the Nasdaq crashed 1.96% to 7,963.76 as panic ripped through the US stock market.
China Sliced & Diced Months of Painstaking Trade Deal Progress
The Dow slumped during pre-market on Wednesday after a bombshell report provided more insight into ’s shocking decision to plunge the US back into a tariff war with .
Citing six unnamed sources, the publication reported that Beijing had sliced and diced a 150-page draft trade agreement, making “systemic edits” that “undermined core US demands” and effectively erased months of painstaking process.
“ reneged on a dozen things, if not more … The talks were so bad that the real surprise is that it took until Sunday to blow up,” one source said. “After 20 years of having their way with the U.S., still appears to be miscalculating with this administration.”
“ got greedy,” the source added.
chose to play hardball with the Chinese, but it remains to be seen whether his high-stakes gamble will pay off before enhanced tariffs kick in at 12:01 am ET on Friday morning.
Writing in a Wednesday morning tweet, the president claimed that when Chinese negotiators come to the US later this week, they will be joined by Vice Premier Liu He. Moreover, he boasted, Liu intends to “make a deal” before the Friday deadline.
….Guess what, that’s not going to happen! has just informed us that they (Vice-Premier) are now coming to the U.S. to make a deal. We’ll see, but I am very happy with over $100 Billion a year in Tariffs filling U.S. coffers…great for U.S., not good for !
— Donald J. (@realDonaldTrump)
However, following months of the administration loudly trumpeting every of trade deal progress – progress that was dashed by a single diplomatic cable and a pair of weekend tweets – will the president’s bluster be enough to save the from careening toward a third consecutive loss?
NYT: Business Mogul Trump Lost $1 Billion in Just 10 Years
Donald won the presidency by convincing the US public that he was a successful businessman. According to the NYT, he lost more money during the 1980s and 1990s than any other American taxpayer. | Source:: Photo by Brendan Smialowski / AFP
While would likely prefer to focus his attention on a trade deal that could form a signature part of his political legacy, the notoriously thin-skinned president suddenly finds himself forced to scramble to salvage his carefully-crafted reputation as a ruthless and wildly-successful businessman.
On Tuesday, the published an uncensored peek into ’s finances between 1985 and 1994, providing a tantalizing insight into the behind-the-scenes story of a man who paraded around New York City as a self-made mogul while secretly losing more money “than nearly any other individual American taxpayer.”
According to the NYT – which obtained a decade of ’s tax figures – the then- developer reported a over the 10-year period. He paid virtually no income tax but maintained his glitzy lifestyle by dipping into his family’s wealth, time and time again.
lashed out at the report on Twitter, slamming it as a “highly inaccurate Fake News hit job” and chalking up the losses to “massive write offs and depreciation which would, if one was actively building, show losses and tax losses in almost all cases.”
“It was sport,” he retorted.
….you would get it by building, or even buying. You always wanted to show losses for tax purposes….almost all developers did – and often re-negotiate with banks, it was sport. Additionally, the very old information put out is a highly inaccurate Fake News hit job!
— Donald J. (@realDonaldTrump)
While it’s true that the figures are decades old, the New York Times report nevertheless debunks the image that carefully crafted in the “Art of the Deal” and has maintained ever since. It’s true that his core supporters aren’t likely to give the NYT much credence, but the embarrassing exposé will provide his eventual Democratic opponent with plenty of ammunition once 2020 election season arrives.
In the meantime, ’s tax returns are trending on the president’s favorite social media platform under the hashtag . Here are a few of the highlights:
We have to stop Biff!
— Cameron Grant (@coolcam101)
And you’re one of them.
— Deborah Zerillo (@deborahzerillo)
Raise your hand if you’re a
— Individual 1, Jr. (@Clean_Mister)
Yep he is the biggest loser.
— Roger Mallett (@Blurboy1980)
Click for a real-time Dow Jone Industrial Average price chart.
Published at Wed, 08 May 2019 14:04:31 +0000
